Iowa has the 5th highest cropland value in the United States, at $8,100/acre, in the Midwest Iowa has the 1st highest average land value (see Tables 1 & 2). Between 2000 and 2017 cropland value in Iowa has increased 318 percent, while US average cropland value increased 124 percent. This growth rate difference is visible in Figures 1 & 2. During the large growth period, between the years of 2004 and 2017 the average increase in Iowa land value year over year was $534.51/acre, while the U.S. average increase was $123.98 (see Figure 2).
With these historic increases in Iowa cropland values, there has also been a clear decrease in recent years (see Figures 1 & 2). Cropland values peaked in 2014 at $8,750/acre and have since decreased. Since 2014 the rate of decrease has been, on average, $215/acre year over year. Additionally, in the last two years these prices seem to hover around $8,000.
Preston Lyman is a Research Analyst with Decision Innovation Solutions (DIS). DIS is an Iowa-Based economic research firm which provides regular farm economics research and analysis to the Iowa Farm Bureau staff and members.